CONSUMER BANKRUPTCIES UP 34% OVER JANUARY LAST YEAR
February 3, 2009
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U.S. consumer bankruptcy filings increased 34.4 percent nationwide in January from the same period a year ago, according to the American Bankruptcy Institute, relying on data from the National Bankruptcy Research Center.
According to ABI Executive Director Samuel J. Gerdano, “U.S. households are under great financial stress today; for many, bankruptcy seems to be their best option.” No kidding.
Mr. Gerdano went on to say that “we expect more than 1.4 million new cases filed in 2009.” If Mr. Gerdano is correct about 1.4 million new cases, bankruptcy cases will approach the level that they were prior to the major changes to the Bankruptcy Code in 2005.
Consumer Bankruptcies Up 34% Over January Last Year
